Wealth tax better than alternatives

February 5, 2019  —  By

Close on the heels of U.S. Rep. Alexandria Ocasio-Cortez’s proposal to tax top income at 70 percent, Sen. Elizabeth Warren has released her own big idea — a tax of 2 percent a year on all wealth above $50 million, rising to 3 percent for those fortunes of more than $1 billion.

The proposal, which would affect about 75,000 of the country’s wealthiest people, also comes with a set of measures designed to reduce avoidance and evasion.

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